us-nm/stat
NMSA 1978, § 7-1-6.16 — County equalization distribution
A.
On September 15 of each year, the department shall distribute to any county that
has imposed or continued in effect during the state's preceding fiscal year a county
gross receipts tax pursuant to Section 7-20E-9 NMSA 1978 an amount equal to:
(1) the product of a fraction, the numerator of which is the county's population
and the denominator of which is the state's population, multiplied by the annual sum for
the county; less
(2) the net receipts received by the department during the report year,
including any increase or decrease made pursuant to Section 7-1-6.15 NMSA 1978,
attributable to the county gross receipts tax at a rate of one-eighth percent; provided
that for any month in the report year, if no county gross receipts tax was in effect in the
county in the previous month, the net receipts, for the purposes of this section, for that
county for that month shall be zero.
B.
If the amount determined by the calculation in Subsection A of this section is zero
or a negative number for a county, no distribution shall be made to that county.
C.
As used in this section:
(1) "annual sum" means for each county the sum of the monthly amounts for
those months in the report year that follow a month in which the county had in effect a
county gross receipts tax;
(2) "monthly amount" means an amount equal to the product of:
(a) the net receipts received by the department in the month attributable to
the state gross receipts tax plus five percent of the total amount of deductions claimed
pursuant to Section 7-9-92 NMSA 1978 for the month plus five percent of the total
amount of deductions claimed pursuant to Section 7-9-93 NMSA 1978 for the month;
and
(b) a fraction, the numerator of which is one-eighth percent and the
denominator of which is the tax rate imposed by Section 7-9-4 NMSA 1978 in effect on
the last day of the previous month;
(3) "population" means the most recent official census or estimate determined
by the United States census bureau for the unit or, if neither is available, the most
current estimated population for the unit provided in writing by the bureau of business
and economic research at the university of New Mexico; and
(4) "report year" means the twelve-month period ending on the July 31
immediately preceding the date upon which a distribution pursuant to this section is
required to be made.
Source: official text